News Corp: Climate wrong for BSkyB takeover

Chase Carey, News Corporation chief operating officer, announces the withdrawal of the BSkyB bid:

"We believed that the proposed acquisition of BSkyB by News Corporation would benefit both companies but it has become clear that it is too difficult to progress in this climate.

"News Corporation remains a committed long-term shareholder in BSkyB. We are proud of the success it has achieved and our contribution to it."